We expect that we will eventually reach a license agreement, whether it's through negotiations or through

we expect that we will eventually reach a license agreement whether it's through negotiations or through


Any references to non-GAAP financials are reconciled in the appendix of the presentation.

any references to non-gaap financials are reconciled in the appendix of the presentation


to ensure that we're spending the right money at the right time, to ensure that we have a very

to ensure that we're spending the right money at the right time to ensure that we have a very


Retail, as a result of seasonal factors, experienced

retail as a result of seasonal factors experienced


that result from sales and our losses. And so part of the acceleration in Employer Services

that result from sales and our losses and so part of the acceleration in employer services


Much of this product works also very well with accessorizing with stone.

much of this product works also very well with accessorizing with stone


investment for the company to buy back our shares. We still have a significant amount left to do,

investment for the company to buy back our shares we still have a significant amount left to do


This performance was largely driven by higher average selling prices, higher volumes in Canada,

this performance was largely driven by higher average selling prices higher volumes in canada


is being able to fully ramp at Inverness on what happens in the

is being able to fully ramp at inverness on what happens in the


Our cash generation was greatly enhanced by our efforts to drive down inventory levels during the year

our cash generation was greatly enhanced by our efforts to drive down inventory levels during the year


We started to reduce expenses and inventory at our businesses that focus on the energy market

we started to reduce expenses and inventory at our businesses that focus on the energy market


Is there a way to quantify what kind of a drag that is at this point?

is there a way to quantify what kind of a drag that is at this point


specifically benefited from those changes, not from the volume

specifically benefited from those changes not from the volume


and we are planning to give you an update on this number versus second quarter results.

and we are planning to give you an update on this number with the second quarter results


I'd like to highlight some of the transactions from the past year. In Mercer,

i'd like to highlight some of the transactions from the past year in mercer


We also want to take the opportunity to step out our plan for the future of the business.

we also want to take this opportunity to set out our plan for the future of the business


So you're expecting growth? Are there any parameters that you can put around that?

so you're expecting growth are there any parameters that you can put around that


When we bring the full power of our people and services from both Search and Consulting to our clients,

when we bring the full power of our people and services from both search and consulting to our clients


In the short term, we expect our average revenue per member to decrease because our member growth will outpace the revenue growth.

in the short term we expect our average revenue per member to decrease because our member growth will outpace the revenue growth


It's important to remember that almost every single one of these members have bank accounts and now have added Mogo to their financial wallet.

it's important to remember that almost every single one of these members have bank accounts and now have added mogo to their financial wallet


but we may end up losing them if they are going to ask for a price, which is lower than my variable cost.

but we may end up losing them if they are going to ask for a price which is lower than my variable cost


Although, they will certainly make good contributions in the medium and long-term.

although they will certainly make good contributions in the medium and long term


possibilities to change that will be evaluated when they would arise.


All right. And can you talk about the level of or

great outstanding and can you talk about the level of -- or


trying to introduce electronic meters. But if you look carefully at what they're offering, they may have only 1 size.

trying to introduce electronic meters but if you look carefully at what they're offering they may have only one size


starting the year and we continue to expect some recovery to gradually start towards the end of the year.


just south and east of Platteville. That's going to be a very lucrative deal

just south and east of platteville that's going to be a very lucrative deal


This resulted in a slight decline in reported net income from the prior quarter.

this resulted in a slight decline in reported net income from the prior quarter


when I first got into the business. So if you look at drilling a generation ago, it tended to be vertical.

when i first got into the business so if you look at drilling a generation ago it tended to be vertical


We believe our growth in this segment continues to outpace global activity levels for 3 primary reasons.

we believe our growth in this segment continues to outpace global activity levels for 3 primary reasons


and lower interest payments, partially offset by higher tax and employee medical payments.

and lower interest payments partially offset by higher tax and employee medical payments


Holiday has a especially strong presence in the growing Twin Cities metropolitan area.

holiday has especially strong presence in the growing twin cities metropolitan area


And if we have a surgeon that's really interested and a champion in the hospital that gets behind the surgeon,

and if we have a surgeon that's really interested in the champion and a hospital that gets behind the surgeon


On the medical management front, we have also selected a new software platform to manage pharmacy and medical care.

on the medical management front we have also selected a new software platform to manage pharmacy and medical care


on the board. So there is potentially a lot of organic growth that can come out of those acquisitions.

on the board so there's potentially a lot of organic growth that can come out of those acquisitions


We will follow that introduction later this month with the launch of 2 new salad offerings,

we will follow that introduction later this month with the launch of 2 new salad offerings


Will we see that in the future? Okay. Regarding your first question,

will we see that in the future okay regarding your first question


In the past, the subsidiaries within the group were run separately.

in the past subsidiaries within the group were run separately


I consider it imperative that Allied penetrate Vancouver more fully

i consider it imperative that ally penetrate vancouver more fully


because it is hard for me to imagine if we go out in our time machine 1 year from today,


The lower margin primarily resulted from the negative leverage of lighter sales volume.

the lower margin primarily resulted from the negative leverage of lighter sales volume


Our Games segment continues to build upon the operational achievements we realized

our games segment continues to build upon the operational achievements we realized


along with the combined talent, I think there are certainly opportunities in Augusta to expand it.

along with the combined talent i think there are certainly opportunities in augusta to expand it


Our ASD Winter show, which is included in our Q1 financials, was flat in revenues,

our asd winter show which is included in our q1 financials was flat in revenues


I'm also going to ask Jeff to read our safe harbor statement. After that, I will give some

i'm also going to ask jeff to read our safe harbor statement after that i will give some


The common message from participants was that the ecosystem needs to work together in new ways

the common message from participants was that the ecosystem needs to work together in new ways


we have lots of different levers that we can pull, and we've got them all going in the right direction right now. But

we have lots of different levers that we can pull and we've got them all going in the right direction right now but


which is extremely strong and higher than we have seen for many years.


Martin Ferron, Chairman and CEO, will then provide his comments on our outlook and strategy.

martin farren chairman and ceo will then provide his comments on our outlook and strategy


Sure. I think the only thing are the general things that we already said, which is what we're fundamentally trying to manage to,

i think the only thing are the general things that we already said which is what we're fundamentally trying to manage to


As a reminder, the projected margins on our new awards from last year

as a reminder the projected margins on our new awards from last year


the uncertainty of continued success in technological innovations as well as other operational market challenges


Many factors will influence the timing and size of any buyback purchase including these.

many factors will influence the timing and size of any buyback purchase including these


dominated completely by fractures. There's no residual matrix contribution into the

dominated completely by fractures there's no residual matrix contribution into the


With competitors introducing products with various functions and target audiences,

with competitors introducing products with various functions and target audiences


and to continue to invest and to increase the level of investment in this activity.


First, the companies agreed to a supply agreement for 40 megawatts of energy storage projects

first the companies agreed to a supply agreement for 40 megawatts of energy storage projects


Our corporate-wide focus on enhancing the customer experience continues to strengthen our core business.

our corporate-wide focus on enhancing the customer experience continues to strengthen our core business


We expect this adjustment to move back towards zero through the year based on the timing of the inventory hedges in place.

we expect this adjustment to move back towards 0 through the year based on the timing of the inventory hedges in place


It really just depends on when we get to the next significant resource

it really just depends on when we get to the next significant resource


Two, developing new strategic relationships and capitalizing on our existing relationships.

two developing new strategic relationships and capitalizing on our existing relationships


especially Phoenix and others to bring new solutions and strategies into that place.

especially phoenix and others to bring new solutions and strategies into that place


trust, talent attraction as an important contributor to cost savings

trust talent attraction as an important contributor to cost savings


is it more likely that you will try to increase the dividend at that point when you feel comfortable with your


I do agree with you that the primary constraint right now is what I hear when talking to builders is labor.

i do agree with you that the primary constraint right now is what i hear when talking to builders is labor


In closing, we are pleased to be experiencing positive momentum from Burger King's promotional offerings,

in closing we are pleased to be experiencing positive momentum from burger king's promotional offerings


And we're going to prioritize achieving appropriate value for those assets over speed of execution.

and we're going to prioritize achieving appropriate value for those assets over speed of execution


The team is acutely aware that we cannot and will not remain stagnant.

the team is acutely aware that we cannot and will not remain stagnant


much has changed in the past year. With the sale of our industrial business earlier this year,

much has changed in the past year with the sale of our industrial business earlier this year


change our pricing approach in order to maintain the very trustworthy


But let me highlight why neoantigen selection is so crucial to vaccine's success

but let me highlight why neoantigen selection is so crucial to vaccine success


Moving on to our third program, our wholly owned, undisclosed rare disease program.

moving on to our third program our wholly owned undisclosed rare disease program


so I'm talking about what the inflation rate is year-over-year, in our bill rates and the inflation rate,

so i'm talking about what the inflation rate is year-over-year in our bill rates and the inflation rate


The strength of these relationships and our value proposition is at the core of our strategy.

the strength of these relationships and our value proposition is at the core of our strategy


we want to work with you and we want to be your partner. And if you don't, we probably don't want work with you. And we don't care how much MI

we want to work with you and we want to be your partner and if you don't we probably don't want to work with you and we don't really care how much mi


a part of the total financial expenses line in the coming


During the second quarter, we will reclassify the derivative liability into equity.

during the second quarter we will reclassify the derivative liability into equity


We thank you for attending today's presentation. You may now disconnect your lines.

we thank you for attending today's presentation you may now disconnect your lines


and we hope to have the pilot program underway before the end of this year.


already that work has been done in terms of how are we going to price that value prop


transaction gain in the second half that we're anticipating for those hedge contracts that we've already taken out.


Once again, we appreciate you listening to the call and wish you a good evening, good day.

once again we appreciate you listening to the call and wish you a good evening good day


but especially during our commercialization of the product, to make sure that things are kept well under control.

but especially during our commercialization of the product to make sure that things are kept well under control


fund our organic and strategic growth initiatives and return capital to shareholders as appropriate.


A description of these metrics, along with our reconciliation to GAAP can be found in this morning's press release.

a description of these metrics along with our reconciliation to gaap can be found in this morning's press release


for information concerning the risk factors that could affect the company. With that, I will now turn the call over to Dave Stack.

for information concerning the risk factors that could affect the company with that i will now turn the call over to dave stack


Our team is focused on disciplined execution against our priorities and moving our business forward.

our team is focused on disciplined execution against our priorities and moving our business forward


Reducing our leverage is one of our capital allocation priorities.

reducing our leverage is one of our capital allocation priorities


another strong result, while continuing to invest for our customers and in our people.

another strong result while continuing to invest for our customers and in our people


first and foremost there is a normalization of the pricing levels on the Channel versus the North Sea.

first and foremost there is a normalization of the pricing levels on the channel versus


in 3 or 4 categories. One that would be consistent with things that we've done in the past

in 3 or 4 categories one that would be consistent with things that we've done in the past


Important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements

important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements


In other words, we want to introduce a kind of natural ownership approach.

in other words we want to introduce a kind of natural ownership approach


Please bear in mind that for regulatory reasons, we are not allowed to give certain information.

please bear in mind that for regulatory reasons we are not allowed to give certain information


With that, I will turn it over to John to review the Q2 financial results.

with that i will turn it over to john to review the q2 financial results


To conclude, we are delivering on our plan. We are seeing clear progress in our margins,

to conclude we are delivering on our plan we are seeing clear progress in our margins


And with that guidance, we'll turn the call over to Larry for an operational review.

and with that guidance we'll turn the call over to larry for an operational review


influences on the pipeline between the 2. I think your initial question, Vikram, was about

influences on the pipeline between the 2 i think your initial question of ekrem was about


After providing more detailed updates on key commercial, legal, regulatory and development activities

after providing more detailed updates on key commercial legal regulatory and development activities


For information on factors that could cause actual results to differ materially from these forward-looking statements,

for information on factors that could cause actual results to differ materially from these forward-looking statements


do these require sort of upfront investments and headcount or otherwise for you to get to

a disease requires sort of upfront investment and headcount or otherwise for you to get to


And as we bring out those negotiations, we want to be able to keep potentially

and as we bring out those negotiations we want to be able to keep potentially the


it's useless. It doesn't do you any good with respect to activating those actual customers. For example,

it's useless it doesn't do you any good with respect to activating those actual customers for example


due to the weakness in the Permian that began with the production takeaway constraints in the middle of the year.

due to the weakness in the permian that began with the production takeaway constraints in the middle of the year


Because you look at your vegetable oil business today, the volume has declined dramatically.

because you look at your vegetable oil business today the volume has declined dramatically


While we're demonstrating early success in monetizing our current member base, we still have a huge opportunity ahead of us.

while we're demonstrating early success in monetizing our current member base we still have a huge opportunity ahead of us


which clearly can blow in high wind conditions but also can show up for some very low capacity factors like it did


but was impacted by different phasing in personnel expenses compared to last year.


but of course, products will be made, and therefore for those products,

but of course products will be made and therefore for those products


either the sales or the prescriptions for the 2 products individually for the fourth quarter?


In Malaysia, Malikai continues to deliver strong performance from the initial wells.

in malaysia malachi continues to deliver strong performance from the initial wells


And with that, I'll now turn the call back to our operator for questions.

and with that i'll now turn the call back to our operator for questions


Obviously, that accretion translated to an absolute EPS number in our models.

obviously that accretion translated to an absolute eps number in our models


it's sort of a situation that if you don't have to sell right now, most people aren't in the mood to sell.

it's sort of a situation that if you don't have to sell right now most people aren't in the mood to sell


I could not be more excited about leading ServiceNow into our next phase of growth.

i could not be more excited about leading servicenow into our next phase of growth


to match the startup of the increased water handling capacity project in the fourth quarter.


a very significant change in internal processes. So you have to

a very significant change in internal processes so you have to


Some details regarding the ability to recover certain past pension and benefit costs remain unresolved.

some details regarding the ability to recover certain past pension and benefits costs remain unresolved


see what you think of this question. But if the margin upside is as good as laid out

see what you think of this question but if the margin upside is as good as laid out


Maybe last but not least, what is not mentioned here, we have had

maybe last but not least what is not mentioned here we have had


with a very resilient pattern despite the negative impact from the ultra low rates environment.

with a very resilient pattern despite the negative impact from the ultra-low rates environment


Now a quick summary of the financial indicators -- the main financial indicators.

now a quick summary of the financial indicators the main financial indicators


But it's also important to remember that the aggregate level of demand hasn't dropped. It's been about steady. It just hasn't grown.

but it's also important to remember that the aggregate level of demand hasn't dropped it's been about steady it just hasn't grown


part of this is kind of where you are in the stack, which actually I think encourages us to continue to pivot and

part of this is kind of where you are in the stack which actually i think encourages us to continue to pivot and


a large facility that should not only allow us to support that marketplace


think it was helpful that you said that you guys anticipate the availability on the credit facility

i think it was helpful you said that you guys anticipate the availability on the credit facility


we don't get that because the odds of all banners being spoken odd at the same time are

we don't get that because the odds of all banners being smoked and hot at the same time


a lot of the delta is really going to be driven by what happens with the small woodlot owners.

a lot of the delta is really going to be driven by what happens with the small woodland owners


assessing what our expectations are for FFO, what our obligations are in terms of

assessing what our expectations are for ffo what our obligations are in terms of


We are supportive of any effort to reform antiquated regulatory rules that no longer serve the public interest.

we are supportive of any effort to reform antiquated regulatory rules that no longer serve the public interest


The move to become a domestic issuer will also improve transparency,

the move to become a domestic issuer will also improve transparency


And then also the wise use of incentives and events on top of it. I think what you see is,

and then also the wise use of incentives and events on top of that i think what you see is


But it's generally a case of, if they have the appropriate licenses, we've got the product set

but it's generally a case of if they have the appropriate licenses we've got the product set


that are better qualified and have better qualified leads. We made

that are better qualified and that have better qualified leads we made


Based on this outlook, we expect to generate positive cash flow from operations for the full year.

based on this outlook we expect to generate positive cash flow from operations for the full year


scenario is an increase of margin on the back of increased possibly


Moving on to our funding and liquidity. We were very active in the debt markets in the fourth quarter.

moving on to our funding and liquidity we were very active in the debt markets in the fourth quarter


that is absolutely true and the proof of thesis that, that is the case is the fact

that is absolutely true and the proof of thesis that that is the case is the fact


As it has been the case for since we've spun the company, we are always looking at what the liquidity position of the company is.

as it has been the case for -- since we spun the company we are always looking at what the liquidity position of the company is


At the same time, we will continue our strong focus on the many other areas that we scored well.

at the same time we will continue our strong focus on the many other areas that we scored well


do what I would call traditional -- make traditional acquisitions. So we're not looking, for example, for the next

do what i would call traditional -- make traditional acquisitions so we're not looking for example for the next


or other similar terms or variations on those terms or the negative of those terms.


For 2017 annual dividend in light of record high operating profit following the previous year,

for 2017 annual dividend in light of record high operating profit following the previous year


There are signs our initiatives are taking hold, and we're very encouraged by our performance.

there are signs our initiatives are taking hold and we're very encouraged by our performance


we're working on all of those things at a really brisk pace. I think the biggest thing that we can do

we're working on all of those things at a really brisk pace i think the biggest thing that we can do


Increases were also announced on plate and long products which represents our largest product exposure,

increases were also announced on plate and long product which represents our largest product exposure


This is one of our largest opportunities to increase overall profitability.

this is one of our largest opportunities to increase overall profitability


to provide our external stakeholders a better understanding of our business and the country.


If not, we look forward to speaking with you next when we report our fourth quarter results in March.

if not we look forward to speaking with you next when we report our fourth quarter results in march


and then take questions. I would like to remind you that some of the comments made during this call

and then take questions i would like to remind you that some of the comments made during this call


last year specifically related to the completion of that joint venture TS program.

last year specifically related to the completion of that joint venture ts program


Bruce will give specific details in a moment about where we are in each study, but I want to talk briefly about our strategy,

bruce will give specific details in a moment about where we are in each study but i want to talk briefly about our strategy


Please turn to Slide 14. We also want to tell you about our new corporate headquarters.

said please turn to slide 14 we also want to tell you about our new corporate headquarters


we feel it's a prudent decision to keep our full year guidance at the levels that we outlined in February.

we feel it's a prudent decision to keep our full year guidance at the levels that we outlined in february


which was still ongoing in the year ago quarter but subsequently completed this year,

which was still ongoing in the year-ago quarter but subsequently completed this year


Secondly, due to the strong OLED growth that we have experienced in the third quarter of

secondly due to the strong oled growth that we have experienced in the third quarter of


Through our leadership position in the ultimate user unused medication management,

through our leadership position in the ultimate user unused medication management


And then my second question is from the perspective of your shareholders.

and then my second question is from the perspective of your shareholders


As you say, innovation is a key element for the company since forever.

as you say innovation is a key element for the company since forever


Having said that, we now see that the rates are going down and things are quite difficult from our perspective.

having said that we now see that the rates are going down and things are quite difficult from our perspective


This concludes today's conference call, you may now disconnect.

this concludes today's conference call you may now disconnect


the usage of equal parts for different models help to reduce complexity and to save money,

the usage of equal parts for different models helps to reduce complexity and to save money


And this is why we are investing on Fetekro because we believe that there is

and this is why we are investing on fetecoa because we believe that there is


but also how the integration of activity and mindset will more holistically support our members.


the 800 million a day that was anticipated on the power up project.


The market is still an attractive market and -- where we intend to be

the market is still an attractive market and where we intend to be


There may be much less -- many more permits that are required in some markets.

there may be much less -- many more permits that are required in some markets


while RevPAR at our luxury hotels in Hawaii benefited from renovations and greater air lift

while revpar at our luxury hotels in hawaii benefited from renovations and greater airlift


Consistent with prior years, we expect our margin expansion will be weighted towards the second half

consistent with prior years we expect our margin expansion will be weighted towards the second half


And we still have to perform all the quality measures and report those to the state.

and we still have to perform all the quality measures and report those to the state


Second, we are making solid progress in executing our incremental revenue growth drivers.

second we are making solid progress in executing our incremental revenue growth drivers


but we have a lot of new communities opening in the second half and really into the first half of next year


From a team standpoint, I am very pleased that we continue to hire and promote top talent,

from a team standpoint i am very pleased that we continue to hire and promote top talent


sort of tangible transition will be when we emerge out of the safety run-in and into the


Let's start with a few highlights, and then we'll take a closer look at the quarterly performance drivers.

let's start with a few highlights and then we'll take a closer look at the quarterly performance drivers


on event-free survival, a clinically relevant decrease in the need for pulmonary and nutritional support

on event-free survival a clinically relevant decrease in the need for pulmonary and nutritional support


what's sort of the backdrop out there of some of the excess product, of some of the liquidations and so forth.

was sort of the backdrop out there of some of the excess product of some of the liquidations and so forth


which is being impacted by both the political environment and an excess of sale priced product.

which is being impacted by both the political environment and an excess of sale price product


That's their decision, their board's decision. But what I think it did change potentially

that's their decision their board's decision but what i think it did change potentially


Second, our modern micro-services platform for large to very large enterprises,

second our modern microservices platform for large to very large enterprises


so that as these volumes pick up we're in a great position to take advantage of it. So that's something that's

so that as these volumes pick up we're in a great position to take advantage of it so that's something that's


might be treated versus the way it appears at least at the outset transmission and gas are being treated.


This is because we believe this gives a more accurate view of the underlying performance of our company.

this is because we believe this gives a more accurate view of the underlying performance of our company


not you, but the industry too heavy in one end market, and therefore too susceptible to any kind of

not you but the industry too heavy in one end market and therefore too susceptible to any kind of


the salability of some of the usable ancillary spaces we haven't used in the past,


and increasingly, landlords are looking for a customer offer that meets their healthy eating requirements.

and increasingly landlords are looking for a customer offer that meets their healthy eating requirements


While we made progress in Q4, our working capital levels have remained frustratingly high through this downturn

while we made progress in q4 our working capital levels have remained frustratingly high through this downturn


Importantly, all major subregions were higher. As we discussed in the past,

importantly all major subregions were higher as we discussed in the past


These are just 2 examples out of many, demonstrating how our technologies are leading the way to new insights within tissue,

these are just 2 examples out of many demonstrating how our technologies are leading the way to new insights within tissue


and how that compared to the cost side of the equation.


This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

this concludes today's conference you may disconnect your lines at this time thank you for your participation


Secondly, most of our clients already have a dedicated budget for learning content.

secondly most of our clients already have a dedicated budget for learning content


As the industry moves to 96 layers and above, can you give us a little bit of an update

as the industry moves to 96 layers and above can you give us a little bit of an update


This communication does not constitute an offer to sell or the solicitation of an offer to buy these securities.

this communication does not constitute an offer to sell or the solicitation of an offer to buy these securities


and that the prior episodes of consistently inconsistent performance are a thing of the past.


We continue to expect our revenue mix to evolve by drawing on our domain expertise,

we continue to expect our revenue mix to evolve by drawing on our domain expertise


we have reached the end of our question-and-answer session. I would like to turn the call back over to management for closing remarks.

we have reached the end of our question-and-answer session i would like to turn the call back over to management for closing remarks


On top of our unique offerings of technology solutions for advanced features

on top of our unique offerings of technology solutions or advanced features


due to the increase in our average stock price during the third quarter as well as higher health insurance costs.


And so this is one of the areas where we're actively looking for the

and so this is one of the areas where we're actively looking for the


And really the major issue for us now, especially in Middle East, is to be selective

and really the major issue for us now especially in middle east is to be selective


Finally, our Supply Response on Demand capability continues to gain recognition

finally our supply response on-demand capability continues to gain recognition


Yes. So the only restriction on distribution is that we cannot increase the distribution

yes so the only restriction on distribution is that we cannot increase the distribution


Even though we don't report these wins in backlog, we will benefit from the profitability of this work.

even though we don't report these wins in backlog we will benefit from the profitability of this work


Midstream continues to be our largest sector, fueled by the development of the prolific shale plays

midstream continues to be our largest sector fueled by the development of the prolific shale plays


and a desire for increased spending, which will drive future growth and demand for critical road safety products.

and a desire for increased spending which will drive future growth and demand for critical road safety products


So in summary, I think we're really pleased with our performance and the results across the business for the first half of the year.

so in summary i think we're really pleased with our performance and the results across the business for the first half of the year


Calvin will review procedure trends and Marshall, our progress in Japan in greater detail later in the call.

calvin will review procedure trends and marshal our progress in japan in greater detail later in the call


What we don't want to do is give any color around the rest of the industry.

what we don't want to do is give any color around the rest of the industry


considering the volatility that we've had over the last few years, we're really ready for any kind of outcome.

considering the volatility that we've had over the last few years we're really ready for any kind of outcome


the strength of the merger as you've seen by the diversity of the flows has been around


We also think this will further strengthen the appeal of the independent channel and our model.

we also think this will further strengthen the appeal of the independent channel and our model


No other material items affected the capital ratio in this quarter.

no other material items affected the capital ratio in this quarter


Let me provide you with a brief overview of our current product channel inventory levels

let me provide you with a brief overview of our current product channel inventory levels


among all the countries. And second, lower expenses and that's mostly in Japan.

among all the countries and second lower expenses and that's mostly in japan


And I was very pleased to see that after we have realized that purchase,

and i was very pleased to see that after we have realized that purchase


And that's why you see these large deals. They really represent the customer's endorsement and trust of us

and that's why you see these large deals they really represent the customer's endorsement and trust of us


I kindly ask the participants here in the room to wait for the microphone, to mention your name

i kindly ask the participants here in the room to wait for the microphone to mention your name


and make sure that you're not going away from that, and that you continue to work at that.

to make sure that you're not going away from that and that you continue to work at that


Therefore, we are now projecting consistent populations from California through the end of the year.

therefore we are now projecting consistent populations from california through the end of the year


a backlog basis where we have major, major contracts. However, we do have one with Best Buy right now, which we did

on a backlog basis where we have major contracts however we do have one with best buy right now which we did


and not only outgrow the categories that we compete in, but also continue to outpace private label.

and not only outgrow the categories that we compete in but also continue to outpace private label


allowing us to deliver new value proposition to our clients.


We continue to feel very strongly that snacking categories will grow faster than the rest of food,

we continue to feel very strongly that snacking categories will grow faster than the rest of food


And I just -- I can't go into this year thinking that we're going to see that kind of kick up again.

and i just -- i can't go into this year thinking that we're going to see that kind of kick up again


market to market. But certainly, as we think about some of our infrastructure investments, I'll give you the

market to market but certainly as we think about some of our infrastructure investments i'll give you the


These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted.

these statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted


that's the prudent thing for them to do. Now, will there be a time where they change their buying patterns?

that's the prudent thing for them to do now will there be a time where they change their buying patterns


We believe that we are progressing that plan with MSHA and hope to gain plan approval by mid-November.

we believe that we are progressing that plan with emsha and hope to gain plan approval by mid-november


Thanks, Derek. Good morning to everyone, and thanks for joining us. Before I begin

thanks derek good morning to everyone and thanks for joining us before i begin


The broad range of retail placement for Gaiam speaks to the versatility of the brand.

the broad range of retail placement for gaiam speaks to the versatility of the brand


while we did not incur the onetime separation cost we were expecting below the segment income line.


We want to make certain that we can provide kind of the best

we want to make certain that we can provide kind of the best


So a heartfelt welcome to Federico as he joins the Titan board.

so a heartfelt welcome to federico as he joins the titan board


and then for just additional capacity growth to do the activities we've been talking about in China.

and then for just additional capacity growth to do the activities we've been talking about in china


strong relationship with Dell prior to the introduction of that program, so I don't know that

a strong relationship with dell prior to the introduction of that program so i don't know that


create rewarding careers for employees and provide value to our shareholders.


Retail outlook also is difficult to comment. Let me tell you this that

retail outlook also is difficult to comment let me tell you this that


To support these growth opportunities, both today and in the future, we are investing in our processes

to support these growth opportunities both today and in the future we are investing in our processes


because it was only a few years ago, we had 10% share of the new housing market. So we're not just going to chase share for share's sake,

because it was only a few years ago we had 10% share of the new housing market so we're not just going to chase share for share's sake


is the person that's running that restaurant. And I think they see that.

is the person that's running that restaurant and i think they see that


We'll present the exact data at the ESMO meeting coming up in a few months.

we'll present the exact data at the esmo meeting coming up in a few months


this is a great place for us to invest our capital into this patient access program.


would become a significant customer for Fiserv. So it's not a smart thing for you to

would become a significant customer for pfizer so it's not a smart thing for you to


Third, going the other way and partially offsetting these incremental costs

third going the other way and partially offsetting these incremental costs


This is a nice business that -- there's a number of -- there's a few businesses that do this, but nobody

this is a nice business that there's a number of -- there's a few businesses that do this but nobody


From an industry perspective, the pressure for companies to become more sustainable continues to grow.

from an industry perspective the pressure for companies to become more sustainable continues to grow


we will stay disciplined and return the cash to our shareholders.


whether it can lift returns by another means?

whether it can lift the returns by another means


these unprecedented results, we are exploring potential fast-to-patient opportunities with regulators

these unprecedented results we are exploring potential faster patient opportunities with regulators


associates, focused on trends and styles as well as making sure

associates focused on trends and styles as well as making sure


These comments constitute forward-looking statements within the meaning of the Securities and Exchange Act.

these comments constitute forward-looking statements within the meaning of the securities and exchange act


and enable them to scale up or down quickly based on consumer reaction to new product offerings.


I can tell you with certainty that our payment terms have not shifted or changed.

i can tell you with certainty that our payment terms have not shifted or changed


be very positive about Sandpiper. I mentioned earlier in the call how

be very positive about sandpiper i mentioned earlier in the call how


We were largely unaffected in October, because we didn't have a lot of exposure to tight spread commoditized sectors.

we were largely unaffected in october because we didn't have a lot of exposure to tight spread commoditized sectors


they are subject to a number of conditions that sometime are not met entirely. So

they are subject to a number of conditions that sometime are not met entirely so


and we're encouraged with the results, which demonstrates that our shortage initiatives are working.

and we're encouraged with the results which demonstrates that our shortage initiatives are working


happened? Looks like he may have declined to ask a question.

oh looks like he may have declined to ask a question


Having said that, we've really been encouraged by the way the business has trended throughout the year,

having said that we've really been encouraged by the way the business has trended throughout the year


And I'd start off on the mining side with Coral, which was unique in its own right because of

and i'd start off on the mining side with kearl which was unique in its own right because of


In addition, we are introducing larger canisters on a promotional basis.

in addition we are introducing larger canisters on a promotional basis


So I think that's a good place for us to wrap up, and that's a good topic that I'm sure we'll be talking more about

so i think that's a good place for us to wrap up and that's a good topic that i'm sure we'll be talking more about


Earlier this week, we also entered into an agreement for the sale of our Panhandle assets.

earlier this week we also entered into an agreement for the sale of our panhandle assets


The supplemental data on our website provides additional segment financial detail.

the supplemental data on our website provides additional segment financial detail


And if that is the case, does that extend into the second half of the year, or are there changes afoot there?

and if that is the case does that then extend into the second half of the year or are there changes afoot there


really getting ready to attack that market with a tremendous amount of enthusiasm. And I think

really getting ready to attack that market with a tremendous amount of enthusiasm and i think it's


become a user later on? Is there any way to sort of quantify the impact of those events?

become a user later on is there any way to sort of quantify the impact of those events


I would say we're not counting on it that fundamentally what we're working to do is

i would say we're not counting on it that fundamentally what we're working to do is


And we're taking our new Subscription ACV, or annual contract value,

and we're taking our new subscription acv or annual contract value


And we don't want to jump into the market and compete head-to-head. That's not our value proposition.

and we don't want to jump into the market and compete head-to-head that's not our value proposition


rain 15 days out of a month or 14 days out of a month and is spread out,


At Famous Footwear, we expect the success we have had with casual athletic product to continue.

at famous footwear we expect the success we have had with casual athletic product to continue


we would expect this allocation to continue to weight heavier to the SCOOP over time.

we would expect this allocation to continue to weight heavier to the scoop over time


And what we're seeing is the laggards are -- continue to be Eastern Europe and Russia.

and what we're seeing is the laggards are -- continue to be eastern europe and russia


We've got a lot of opportunities ahead of us, and I look forward to reporting on our progress throughout the year.

we've got a lot of opportunities ahead of us and i look forward to reporting on our progress throughout the year


and in America because that's where we see the bulk of the growth.

and in america because that's where we see the bulk of the growth


At the same time, we raised the bar on our already industry-leading quality metrics

at the same time we raised the bar on our already industry-leading quality metrics


Any capital acceleration for FedEx would primarily be for replacement of equipment and technology.

any capital acceleration for fedex would primarily be for replacement of equipment and technology


pushing more on trying to reduce the growth in product costs? Or should we expect

pushing more on trying to reduce the growth in product costs or should we expect


nurse coaches, everything is designed to get people to the best care providers

nurse coaches everything is designed to get people to the best care providers


That restlessness fuels the pace and intensity with which we are moving this enterprise forward on our mission.

that restlessness fuels the pace and intensity with which we are moving this enterprise forward on our mission


that we want to prudently grow the company over time while still


excluding redevelopment assets where we might not be renewing people because we're completing something bigger


And the trading companies were holding on to their volumes

and the trading companies were holding on to their volumes


or circumstances that may arise after today's date except as required by applicable law.


you have encouraged us to maintain that discipline and to even make sure we've got cash


The performance of this product category was mixed as strong sales in Europe

the performance of this product category was mixed as strong sales in europe


which resulted in that charge. I think for IPL, given that we've achieved first fire,

which resulted in that charge i think for ipl given that we've achieved first fire


based on the investments that we made last year, just from the equipment that we installed.

based on the investments that we made last year just from the equipment that we installed


A transcript and replay of this call will be available on our website later today. Thank you all for listening.

a transcript and replay of this call will be available on our website later today thank you all for listening


teens and -- which means we had really an overall

teams and which means we had really an overall


partially due to the delta volume with the business win we had for Delta Airlines there,

partially due to the delta volume with the business win we had for delta airlines there


is under threat from some of the other airports going direct in and out of China.

is under threat from some of the other airports going direct in and out of china


And so combining now four carrier -- combining four different spectrums together,

and so combining now 4 carrier -- combining 4 different spectrums together


Integration expenses and restructuring costs will continue to be adjusted from our GAAP measures.

integration expenses and restructuring costs will continue to be adjusted from our gaap measures


So the plan, going forward, is that dependent upon how the situation and the financial markets change

so the plan going forward is that dependent upon how the situation in the financial markets change


We're continuing to improve our position for growth based on our leading market position,

we're continuing to improve our position for growth based on our leading market position


And after paying out most of our cash on our Q2 balance sheet as dividends

and after paying out most of our cash on our q2 balance sheet as dividends


We are proud of our quick reaction to the significant decline in sales volumes to the energy market.

we're proud of our quick reaction to the significant decline in sales volumes to the energy market


Management will provide a brief overview of the quarter and then open the call up to your questions.

management will provide a brief overview of the quarter and then open the call up to your questions


This success is driven by the strength of our business strategy, which leverages numerous sources of revenue

this success is driven by the strength of our business strategy which leverages numerous sources of revenue


We discussed main areas of focus to help us increase sales and profitability.

we discussed main areas of focus to help us increase sales and profitability


generating earnings and cash flow well in excess of what we need to meet our capital requirements


due mainly to a greater proportion of lower-margin maintenance services with longer completion times.


And we think that we are involved in a number of interesting applications to benefit

and we think that we are involved in a number of interesting applications to benefit


Why now? Firstly, we've replaced the majority of our IT systems.

why now firstly we've replaced the majority of our it systems


Our business model remains highly cash generative and of increasing quality.

our business model remains highly cash generative and of increasing quality


and our strategic supply chain partners to scale production output over the coming quarters.


But with over 25 million Canadians with a credit score and very few of them tracking it, there's a clear opportunity in front of us.

but with over 25 million canadians with a credit score and very few of them tracking it there's a clear opportunity in front of us


As we continue to invest in our commercialization activities and in our clinical and research pipeline,

as we continue to invest in our commercialization activities and in our clinical and research pipeline


but anyway. So I think the Board considered the options and thought that, that was the right level.

but anyway so i think the board considered the options and thought that that was the right level


Over the coming weeks and months, I will be delving deeper into our product portfolio, financial structure

over the coming weeks and months i will be delving deeper into our product portfolio financial structure


putting through price increases against those commodity cost raises in that segment in particular is nominal. If


A lot of things going on around this business. So we are seeing more cattle available

a lot of things going on around this business so we are seeing more cattle available


we obviously want to maintain our business. We want to make sure, if the rules change,

we obviously want to maintain our business we want to make sure if the rules change


late in the quarter. Now I will turn the call back over to Michael Collins for closing remarks.

late in the quarter now i will turn the call back over to michael collins for closing remarks


several months for us to figure out. But right now, if we look at where we are today, we have a pretty

several months for us to figure out now right now if we look at where we are today we have a pretty


a couple of months and a quarter going forward with higher inventory levels as an effect of this.


The path ahead has never been clear, and our commitment to this journey never greater.

the path ahead has never been clear and our commitment to this journey never greater


now, I want to talk about how we are going to achieve our growth objectives over the next 3 to 5 years.

so now i want to talk about how we are going to achieve our growth objectives over the next 3 to 5 years


Going forward, we will be tailoring this approach to address other stores. Second,

going forward we will be tailoring this approach to address other stores second


And at the same time, delivered a very strong result in terms of both

and at the same time delivered a very strong result in terms of both


I'll begin with aerospace, which continues to be a very strong end market for Reliance.

i'll begin with aerospace which continues to be a very strong end market for reliance


and increasing the mix of marketing solutions and other services revenues.


more in innovation and less in maintenance of buildings and old equipment.


Yes. Okay. And so when I look at the low pricing relative to others

yes okay and so when i look at the low pricing relative to others


pretty insulated from market gyrations, based on the longevity of the capital,

pretty insulated from market gyrations based on the longevity of the capital


where they're bringing some kind of a capability or perspective to us that we don't have.


and say it will fall evenly across all technology fields. So

and say it will fall evenly across all technology fields so


Additionally, today's remarks will include a discussion of certain financial measures that are not presented in conformity with U.S.

additionally today's remarks will include a discussion of certain financial measures that are not presented in conformity with u s


in the number 5 recovery boiler. Unit manufacturing costs were consistent with the previous quarter.

in the number 5 recovery boiler unit manufacturing costs were consistent with the previous quarter


To adapt to these industry trends, I will add 2 more core businesses.

to adapt to these industry trends i will add 2 more core businesses


This was due mainly to the solid rent increases we are achieving across the portfolio

this was due mainly to the solid rent increases we are achieving across the portfolio


thank you all for joining this call today. We're looking forward to reporting data

thank you all for joining this call today we're looking forward to reporting data


And that is that we can create a reliable, accessible and affordable postal service for the future

and that is that we can create a reliable accessible and affordable postal service for the future


slow approach to integrating acquisitions, and why we do that is because you got to preserve the customer relationships

slow approach to integrating acquisitions and why we do that is because you got to preserve the customer relationships


has a lower total cost of ownership and is a little more durable for land operations and


Operating income for other regions, which include South America, the Near and Middle East,

operating income for other regions which includes south america the near and middle east


Next, we would like to review power product group unit sales for the second quarter.

next we would like to review power product group unit sales for the second quarter


Today, I'll review our progress in the quarter that gives us further confidence that our growth strategy is on track

today i'll review our progress in the quarter that gives us further confidence that our growth strategy is on track


Each revenue type continues to grow double digits, reflecting strength across the entire business.

each revenue type continues to grow double-digit reflecting strength across the entire business


Page 11 of the earnings presentation displays net flows by investment vehicle.

page 11 of the earnings presentation displays net flows by investment vehicle


of the company and the value prop associated with that identity in the eyes of our employees,


Second, the transition to the new Ascension agreement is starting to contribute to the top line.

second the transition to the new ascension agreement is starting to contribute to the top line


We are very happy with our current development progress in this area.

we are very happy with our current development progress in this area


and as such leads to lower overall reported cost of sales during these quarters.

periods and as such leads to lower overall reported cost of sales during these quarters


As far as the 2 voluntary departure plans are concerned, please note that in

as far as the 2 voluntary departure plans are concerned please note that in france


to get our people together. We've removed 3 million square feet of space and brought our people together.

to get our people together we've removed 3 million square feet of space and brought our people together


as well as gas integrity projects being undertaken by gas utilities across the country.


and strong performance fees for the quarter. We were clearly beneficiaries from the strong equity markets,

and strong performance fees for the quarter we were clearly beneficiaries from the strong equity markets


Our ability to repeatedly go above and beyond for our customers is a key differentiator for us.

our ability to repeatedly go above and beyond for our customers is a key differentiator for us


we brought in some wrong product and I would say that the weighting of the categories of the businesses that we had

we brought in some wrong product and i would say that the waiting of the categories of the businesses that we had


opportunities, competitors and interest is being generated. And we want to make sure that

opportunities competitors and interest is being generated and we want to make sure that


where do we see differentiated clinical value by procedure given what we can bring and


hundreds of billions left in that market to transfer yet, so we're well away from reaching that point.

hundreds of billions left in that market to transfer yet so we're well away from reaching that point


and mosquito and bed bug services in each of the 5 states in which they operate.

and mosquito and bedbug services in each of the 5 states in which they operate


As cost increases are put through, there's often a reduction in promotional activity for a period of time.

as cost increases are put through there is often a reduction in promotional activity for a period of time


and given they're early adopters, they wanted to kind of go out to their customer base on a -- quite a gentle basis

and given their early adopters they wanted to kind of go out to their customer base on quite a gentle basis


This concludes my comments regarding our first quarter financial performance. We will now take your questions.

this concludes my comments regarding our first quarter financial performance we will now take your questions


pretty much comparable with quarter 1. So we did not see any impact there

pretty much comparable to quarter 1 so we did not see any impact there


what are the constraints for the group to lift the payout ratio to the top end of the range or, indeed,

what are the constraints for the group to lift the payout ratio to the top end of the range or indeed


are -- which smooths the performance making that in the end

are -- which smooth the performance making that in the end


description of exactly what adjustments were made to the real numbers,


in. This has an impact on Southeast Asia, which is the second region of the world which is important to us

this has an impact on southeast asia which is the second region of the world which is important to us


And I would note, for everyone on the call, that we have never sold a share in any of our daughter companies.

and i would note for everyone on the call that we have never sold a share in any of our daughter companies


We have been aggressively engaging in various customers and branded

we have been aggressively engaging in various customers and branded


But we've really come to appreciate here in the last 12 months, there is a lot of old, antiquated facilities out there

but we've really come to appreciate here in the last 12 months there is a lot of old antiquated facilities out there


we have a few points of emphasis in fiscal '17. Growing our scotch business.

we have a few points of emphasis in fiscal '17 growing our scotch business


I will take you through some of the initiatives that have been delivered to date.

i will take you through some of the initiatives that have been delivered to date


have, kind of changed strategy through the year thus far in terms of grouping up. I mean,

have kind of changed strategy through the year thus far in terms of grouping up i mean


And what we've seen in New York for example is that the pricing power has decreased as it gets closer to the day of arrival.

and what we've seen in new york for example is that the pricing power has decreased as it gets closer to the day of arrival


please refer to the company's earnings release and reports filed with the Securities and Exchange Commission,

please refer to the company's earnings release and reports filed with the securities and exchange commission


Our press release also includes non-GAAP financial measures that may be discussed during today's call.

our press release also includes non-gaap financial measures that may be discussed during today's call


With that, I'd like to look forward and take a moment to discuss our 2016 financial guidance,

with that i'd like to look forward and take a moment to discuss our 2016 financial guidance


And at the end of the day, the more that we're able to execute our business model and being able to provide

and at the end of the day the more that we're able to execute our business model and being able to provide


The third quarter brought more than its fair share of weather and operational challenges, and our team delivered.

the third quarter brought more than its fair share of weather and operational challenges and our team delivered


of upside in our ability to do that. What we expect -- what you should expect from us over time is an airline

of upside in our ability to do that what we expect -- what you should expect from us over time is an airline


Like most BDCs, we've operated as a regulated investment company, or RIC, for tax purposes

like most bdcs we've operated as a regulated investment company or ric for tax purposes


across the country. So, it was more in line with that than it was hunting for additional partners.

across the country so it was more in line with that than it was hunting for additional partners


Motivation for customers to push out projects and commitments shows no signs of stopping by the end of the year.

motivation for customers to push out projects and commitments shows no signs of stopping by the end of the year


although it's not a necessity under IFRS. So unlike some of our peers,

although it's not a necessity under ifrs so unlike some of our peers


as I tell my staff, one quarter does not a trend make, and there remains a fair amount of uncertainty both

as i tell my staff one quarter does not a trend make and there remains a fair amount of uncertainty both


Looking ahead to our full year financial guidance. In addition to increasing our EXPAREL sales guidance,

looking ahead to our full year financial guidance in addition to increasing our exparel sales guidance


So I can't tell you that it's -- that we can get a full grasp on exactly what the issue is

so i can't tell you that it's -- that we can get a full grasp on exactly what the issue is and


thereby reducing the H1 loss to be a smaller loss by the time we get to year-end.

thereby reducing the h1 loss to be a smaller loss by the time we get to year-end


and expect continued strong demand for Precision Device products across most end markets.

and expect continued strong demand for precision device products across most end markets


This quarter, we demonstrated the impact of rapidly increasing volumes on our cost of goods sold.

this quarter we demonstrated the impact of rapidly increasing volumes on our cost of goods sold


to continue to be a headwind in Q1. We expect non-GAAP earnings per share

to continue to be a headwind in q1 we expect non-gaap earnings per share


We presell most of our Switch hardware before it hits our warehouse through our Web in Store process

we presell most of our switch hardware before it hits our warehouse through our web and store process


of our first quarter numbers and at the upper end of our Capital Markets Day guidance. And

of our first quarter numbers and at the upper end of our capital markets day guidance and


The previous guidance also excluded the purchase of the stake in Alliance Aviation,

the previous guidance also excluded the purchase of the stake in alliance aviation


Throughout our other businesses we continue to see considerable earnings growth opportunities over the coming years,

throughout our other businesses we continue to see considerable earnings growth opportunities over the coming years


We also continue to make progress in our Leadership Development Grant or LDG program.

we also continue to make progress in our leadership development grant or ldg program


at a ratio of 1-for-7, effective as of the opening of trading

at the ratio of 1 for 7 effective as of the opening of trading


we will continue to evaluate our cost structure very closely and take the appropriate actions.


And United Airlines has suspended flights to New Delhi due to such unhealthy air.

and united airlines have suspended flights to new delhi due to such unhealthy air


in the quarter, I would have liked to have rather seen that at the midpoint, and it ended up a tick above the high end of the range.

in the quarter i would have liked to have rather seen that at the midpoint and it ended up a tick above the high end of the range


and the only thing that is affecting commercial revenue is the mix of international passengers?


what we can expect it to see is what we're seeing during the third quarter.

what we can expect is to see what we are seeing during the third quarter


I believe this will take some time. So probably, for the first quarter next year,

i believe this will take some time so probably for the first quarter next year


has been fully deployed in an organic way, adding new antennas to our existing towers.

has been fully deployed in an organic way adding new antennas to our existing towers


It seems to me that China is still -- was down in the reported quarter

it seems to me that china is still -- it was down in the reported quarter


What I can notice here is there are two possible positive impacts for us.

what i can notice here is there are 2 possible positive impact for us


There are some data points I can share with you starting with wage pressure in the stores.

there are some data points i can share with you starting with wage pressure in the stores


to make sure that as many cells as possible can actually survive the trip to the clinic and be infused to the patient


So in summary, we are well down the path of transforming our company

so in summary we are well down the path of transforming our company


and they offer hundreds of thousands of square meters of development potential, which we plan to realize.

and they offer hundreds of thousands of square meters of development potential which we plan to realize


Firstly, we saw some significant negative media coverage of the sector around June last year

firstly we saw some significant negative media coverage of the sector around june last year


which benefited from the pantry stocking behavior that typically takes place around a major storm.


That concludes my formal remarks, and I will now turn the call back to Claude for some brief closing remarks.

that concludes my formal remarks and i will now turn the call back to claude for some brief closing remarks


And then more broadly on the construction side, after the warning, maybe a month after the warning,

and then more broadly on the construction side after the warning maybe a month after the warning


in the roles, but they were still learning their products. We filled the rest of those roles in the second -- in the first

in their roles but they were still learning their products we filled the rest of those roles in the second and the first


the levels of 2018 should be the levels to be expected looking forward?

the levels up 2018 should be the levels to be expected looking forward


And in the Pacific, we saw continued strength in New Zealand, while Australia showed modest growth.

and in the pacific we saw continued strength in new zealand while australia showed modest growth


Thank you. And ladies and gentlemen, that concludes today's conference call. We thank you for your participation.

thank you and ladies and gentlemen that concludes today's conference call we thank you for your participation


Revenues in the quarter were down 1%, with organic sales flat

revenues in the quarter were down 1% with organic sales flat


and we expect that into next year based on the number of programs that they're currently in negotiations on.


total revenue and a slightly decreasing situation license, so our market was matured.

total revenue and a slightly decreasing situation license so our market was mature


the small sizes which is given out in the market to test the product, he's very happy with the product

the small sizes which has given out in the market to test the product he's very happy with the product


Okay. In terms of like percent of your cost base, do you have an idea of like how much is euro, how much is yen?

okay in terms of like percent of your cost base do you have an idea of like how much is euros how much is yen


Before going on, we would like to let you know that any statements made during this conference call

before going on we would like to let you know that any statements made during this conference call


that our capacity is increasing,


for the longer-term trend. I think it's too early to draw a strong conclusion as to

for the longer-term trend i think it's too early to draw a strong conclusion as to


In a manufacturing process with a global supply chain, not everything is going to go as planned.

in a manufacturing process with a global supply chain not everything is going to go as planned


Good morning. My name is Crystal, and I will be your conference operator today.

good morning my name is crystal and i will be your conference operator today


And so, you won't always see recruits in licenses grow in exactly the same percent in any one quarter.

and so you won't always see recruits and licenses grow in exactly the same percent in any one quarter


offer my best wishes to Rob. Rob, I've really enjoyed working with you and appreciate all your help over the years.

offer my best wishes to rob rob i've really enjoyed working with you and appreciate all your help over the years


to be the seasonally lowest revenue quarter, and then to build up in each successive quarter.

to be the seasonally lowest revenue quarter and then to build up in each successive quarter


We along with many public companies have chosen not to go back and restate our prior year financial statements or its impact.

we along with many public companies have chosen not to go back and restate our prior year financial statements for its impact


Now for the guidance. As a result of credit tightening across the board,

now for the guidance as a result of credit tightening across the board


Please be advised that actual results could differ materially from those stated or implied by our forward-looking statements

please be advised that actual results could differ materially from those stated or implied by our forward-looking statements


And we're investing in our owned brands. And that kind of awareness of the

and we're investing in owned brands and that kind of awareness of the


improving our strategic market management, improving our product and category segmentation and positioning

improving our strategic market management improving our product and category segmentation and positioning


Therefore, we expect our average selling prices and overall ticket to increase.

therefore we expect our average selling prices and overall ticket to increase


is important to note that given the cash consideration of the assets is dollar-based,

it is important to note that given the cash consideration of the assets is dollar based


operational excellence and mine optimization and price can extend the life considerably


and spent several weeks realigning our sales force and transitioning customer accounts.


primarily due to effective cost control throughout the company, including reductions in workforce

primarily due to effective cost control throughout the company including reductions in workforce


but it's always good to go out on top. I've known a lot of you for as

but it's always good to go out on top i've known a lot of you for


its annual reports on Form 10-K and its current reports on Form 8-K.

its annual reports on form 10-k and its current reports on form 8-k


and support that plan with a capital infusion and new strategic partnerships.


of what occurs when you see rapid price increases like this. We've seen similar events in the past.

of what occurs when you see rapid price increases like this we've seen similar events in the past


Key to franchisee profitability is actually putting more guests through our restaurants.

key to franchisee profitability is actually putting more guests through our restaurants


and the board and the entire NCI team are excited about the potential this project holds for us.

and the board and the entire nci team are excited about the potential this project holds for us


First of all, we think this is a fair price for the assets which we discussed at length

first of all we think this is a fair price for the assets which we discussed at length


Earnings for both first quarter periods include the impact of valuing interest rate swap at fair value.

earnings for both first quarter periods include the impact of valuing an interest rate swap at fair value


in terms of intermodal as this market continues to


Despite these challenging conditions, we are pleased with our investment performance, specifically,

despite these challenging conditions we are pleased with our investment performance specifically


showing them the value of moving to SmartConnect and showing them again

showing them the value of moving to smartconnect and showing them again


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


And they will be seen in -- the revenues will be seen in the second half of this year.

and they will be seen in the -- those revenues will be seen in the second half of this year


particularly in the club channel, which more than offset the decline on our base business.

particularly in the club channel which more than offset the decline on our base business


in achieving both our growth and profit targets in a sustainable way.


We have also made changes to our fleet composition and are now focused more on Caterpillar products.

we have also made changes to our fleet composition and are now focused more on caterpillar products


As our fintech and online lending customers look to expand lending to near and subprime customers

as our fintech and online lending customers look to expand lending to near and subprime customers


but even though is very significant improvement from where we stand now.

but even though it's very significant improvement from where we stand now


Before we start, let me mention the tragic fatality we had at South Deep today.

before we start let me mention the tragic fatality we had at south deep today


Of course, many of you will be interested in the net sales performance of Asset Strategy,

of course many of you will be interested in the net sales performance of asset strategy


I don't know how you can look at it any other way, that we are positioning ourselves for

i don't know how you can look at it any other way that we are positioning ourselves for


And ladies and gentlemen, that concludes today's conference call. We thank you for your participation.

and ladies and gentlemen that concludes today's conference call we thank you for your participation


execute against significant volumes as well as expenses related to closing and servicing costs.


and providing the commitment to service and quality that is not typical in this space.


and of our life insurance operations in Jamaica, and Trinidad and Tobago.

and of our life insurance operations in jamaica and trinidad and tobago


the ability to receive and deliver segregated batches at these rates,


And again, that leads you to some changes and some investments in what you need to have

and again that leads you to some changes and some investments in what you need to have


with a focus on the customer and on realizing the synergies that will deliver sustainable shareholder value.


I think what you'll see is about half of that growth will come from new business, and

i think what you'll see is about half of that growth will come from new business


is can you successfully run a study with medicine administered by the patient and collect the data you need


to keep up with increasing fragmentation of viewing in the marketplace, but it's also to better enable us

to keep up with the increasing fragmentation of viewing in the marketplace but it's also to better enable us


So there have been no changes to our legal structure or corporate governance.

so there have been no changes to our legal structure or corporate governance


And we believe that will make it more attractive to potential sellers of businesses we may want to buy.

and we believe that will make it more attractive to potential sellers of businesses we may want to buy


much less send them to inventory at the OEM and wait to be integrated. So

much less send them to inventory at the oem and wait to be integrated so


where we also try to go for further growth, where, of course, mainly the

where we also try to go for further growth where of course mainly the


Thank you for your time today. We appreciate your support and your interest in Erie.

thank you for your time today we appreciate your support and your interest in erie


for businesses and we have improved our performance compared to last year because last year,


forced outages. But more important to me is, you can start to create safety issues.

forced outages but more important to me is you can start to create safety issues


The primary endpoint is the proportion of patients who achieve transfusion independence.

the primary endpoint is the proportion of patients who achieve transfusion independence


We are also encouraged by the growing pipeline from our recently added Avaya channel partners.

we are also encouraged by the growing pipeline from our recently added avaya channel partners


That will cause some delay in the implementation of those cost savings. In the end,

that will cause some delay in the implementation of those cost savings in the end


it. And we're always looking for ways to increase the -- mostly the return on capital we put into the business.

and we're always looking for ways to increase the -- mostly the return on capital we put into the business


In October, we mentioned the trial that we're doing in our Holborn and Redding stores

in october we mentioned the trial that we're doing in our holborn and reading stores


Both the prepared commentary and discussion during this call may contain forward-looking statements

both the prepared commentary and discussion during this call may contain forward-looking statements


First, please look at the gray bars, which indicate underlying operating cash flows.

first please look at the gray bars which indicate underlying operating cash flows


We'd look at that as a use of capital, depending on where we are with other uses of cash for transactions at the time.

we'd look at that as a use of capital depending on where we are with other uses of cash for transactions at the time


might have edged out a bit. We're not. We think we have the leading restructuring group on the Street.

might have edged out a bit we're not we think we have the leading restructuring group on the street


with costly and time-consuming correlations making our accurate data available earlier


Are there any areas that are causing some concerns in the business or things that we may

are there any areas that are causing some concerns in the business or things that we may


and continued earnings growth as well as operating cash.


Our own terminals will be able to market directly to companies looking to source their sand needs locally.

our own terminals will be able to market directly to companies looking to source their sand needs locally


relative to the strip. But that's just where the market has been for the most part. And so we just try to stay

relative to the strip but that's just where the market has been for the most part and so we just try to stay


while also delivering the most reliable call experience every time.


so that all of the erosion that you would expect post the patent expiry has happened?


even if it impacts our ability to get that modest expansion we've been talking about in 2019 for margin.


And then, just kind of more broadly in terms of organic growth in Florida,

and then just kind of more broadly in terms of organic growth in florida


down earlier in the week or the weekend. So that means less gasoline produced.

earlier in the week or the weekend so that means less gasoline produced


Certain of the infrastructure practices, some of that's reactive work, but there's a fair amount of that

certain of the infrastructure practices some of that's reactive work but there's a fair amount of that


In both cases, the first couple of quarters were marked by little new business but normal client attrition.

in both cases the first couple of quarters were marked by little new business but normal client attrition


And as we look at the tax rates even most recently, there's no change from our perspective. We really can't

and as we look at the tax rates even most recently there's no change from our perspective we really can't


We've got a bunch of plants that we could deep cut, but looks like Swanson is next up on the list.

we've got a bunch of plants that we could deep cut but it looks like swanson is next up on the list


the segregated mandates don't tend to work on lead tables, they tend to work relative to benchmark.

the segregated mandates don't tend to work on league tables they tend to work relative to benchmark


Their revenue and customer base will significantly increase our market share in the South East.

their revenue and customer base will significantly increase our market share in the southeast


We've been reading all the reports that you guys have written to understand the real strategy behind

we've been reading all the reports that you guys have written to understand the real strategy behind


enabling us to streamline costs and mitigate our operational impact in the communities we serve.


We will also use a portion of this investment to retire our existing convertible debt.

we will also use a portion of this investment to retire our existing convertible debt


to be with us for a very long time. And these are the financial targets. As I mentioned earlier,

to be with us for a very long time and these are the financial targets as i mentioned earlier


as we continue to focus on delivering for our customers and partners and driving significant shareholder value.


are subject to a series of risks and uncertainties that may cause actual results to differ materially from those statements.


there may come a point where we say okay, it's so strong, what are we going to do with the extra amount of money. But

there may come a point where we say okay it's so strong actually what are we going to do with the extra amount of money but


Let me focus my Health Segment commentary today on our HAAS contract,

let me focus my health segment commentary today on our hoss contract


our own data from the NEWTON study showed that those patients that receive the current standard of care,

our own data from the new study showed that those patients that received the current standard of care


We worked with ICE to adjust the contract to make the unused capacity available to other partners.

we worked with ice to adjust the contract to make the unused capacity available to other partners


We continue to believe our private label business uniquely positions us in the marketplace,

we continue to believe our private label business uniquely positions us in the marketplace


Well, the only thing significant to add is that they have completed their process,

well the only thing significant to add is that they have completed their process


We continue to invest in the business for strategic growth and value creation in the quarter.

we continued to invest in the business for strategic growth and value creation in the quarter


but we see a very good opportunity to just have another nice contributor


In essence, capital allocation for these purposes will not be subject to any financial metric.

in essence capital allocations for these purposes will not be subject to any financial metrics


specialty products that were close to being commercialized. I'm wondering

specialty products that were close to being commercialized i'm wondering


We have completed dosing for both healthy volunteers and patients with PH type 1 and

we have completed dosing for both healthy volunteers and patients with ph type 1


making sales. There's the problem. If you do the sales, you won't have a problem.

making sales there's the problem if you do the sales you won't have a problem


It is also an opportunity from our national strategy.

it is also an opportunity from our national strategy


wondering, if you could take us back to your initial discussions with Gibson to acquire the business and

wondering if you could take us back to your initial discussions with gibson to acquire the business and


mean someone has to pay those costs to get it from the producing area to the refinery. And it's just how those

i mean someone has to pay those costs to get it from the producing area to the refinery and it's just how those


kind of using the Vetri model away from a lot of the competitive intensity

kind of using the vetri model away from a lot of the competitive intensity


We're continuing to prioritize our spending to generate the best overall returns.

we're continuing to prioritize our spending to generate the best overall returns


They're very active. They've already gotten a number of contracts done in over 40 states.

they're very active they've already gotten a number of contracts done in over 40 states


The offsetting factor is that the contracts tend to be shorter term in nature than our end-to-end offerings.

the offsetting factor is that the contracts tend to be shorter term in nature than our end-to-end offerings


so that we can go to, in particular, the automotive clients and make sure that we're serving them

so that we can go to in particular the automotive clients and make sure that we're serving them


companies understood the risk and we needed to talk about a lot of operational efficiencies around it.


taking that opportunity to the next level after having made some of these investments and kind of getting things kind of in place


No, that's what I'm talking about. So there's growth from the fourth quarter -- just on that calculation,

no that's what i'm talking about so there's growth from the fourth quarter just on that calculation


the associated parts and maintenance revenue and a few targeted domestic system sales.


Targeted growth of business and personal deposits raised through our branches remains a key focus.

targeted growth of business and personal deposits raised through our branches remains a key focus


required to address the challenges of the convergence of technology and applications,


still a lot of runway when it comes to net new actives. And I believe

still a lot of runway when it comes to net new actives and i believe


You've talked about the Auto and Home business and the improvement needed there to maybe pursue something?

you've talked about the auto and home business and the improvement needed there to maybe pursue something


The fundamentals of the coalition business remain strong with positive momentum.

the fundamentals of the coalition business remain strong with positive momentum


or is it due to the excipients. So typically, we would expect it will take about 2 weeks in total

or is it due to the exhibients so typically we would expect it will take about 2 weeks in total


but also because in Colombia, we took a more conservative approach to underwriting certain opportunities.

but also because in colombia we took a more conservative approach to underwriting certain opportunities


We're proud the institution offers a program that creates so much value for its students.

we are proud the institution offers a program that creates so much value for its students


And in particular, is there a mix shift within the floating rate bucket driving that to come down so much?

and in particular is there a mix shift within the floating rate bucket driving that to come down so much


which was higher than our guidance of 70 basis points as a result of over-performance of the pathology business.

which was higher than our guidance of 70 basis points as a result of overperformance of the pathology business


It is tough out there, but our teams in the field and in our offices are creating a lot of value.

it is tough out there but our teams in the field and in our offices are creating a lot of value


That's very important. But equally important in my opinion is the high quality of our net investment income.

that's very important but equally important in my opinion is the high quality of our net investment income


the idea is that we need to be pushing the entire tool product line through those locations.


but we understand that our heads are down. We still have a lot of work to do, and we're going to keep making this incremental progress that hopefully

but we understand that our heads are down we still have a lot of work to do we're going to keep making this incremental progress that hopefully


And we've got a couple of other RFPs with some smaller financial institutions that we're currently working on as well.

and we've got a couple of other rfps with some smaller financial institutions that we're currently working on as well


We have partnered with a customer analytics firm to provide market segmentation and demographic data

we have partnered with a customer analytics firm to provide market segmentation and demographic data


we have an interest that we give that excess liquidity back to the shareholders.


and so but we do have extra capacity now to get a transaction done, and we will continue to search for transactions, as we do every day.

and so -- but we do have extra capacity now to get a transaction done and we'll continue to search for transactions as we do every day


The barriers to entry are very low. Anyone could put a brand on vegetable oil, call it premium.

the barriers to entry are very low anyone could put a brand on vegetable oil call it premium


in the business, and we are going to be looking at ways -- even though we will have growth,

in the business and we are going to be looking at ways even though we will have growth


We're continuing to invest to expand our technology leadership into adjacent markets,

we're continuing to invest to expand our technology leadership into adjacent markets


to go faster by making more use of third-party manufacturing where it makes sense.


Thank you very much indeed for joining us for this conference call out of your busy schedules.

thank you very much indeed for joining us for this conference call out of your busy schedules


and other cost actions, have resulted in that business being able to continue to deliver

and other cost actions have resulted in that business being able to continue to deliver


and affordable communities that attract owner occupiers, and this is the most resilient part of the market.

and affordable communities that attract owner-occupiers and this is the most resilient part of the market


is that we have made some decisions to pull low ROI programs, which

is that we have made some decisions to pull low roi programs which


explain why you think you're doing so much better than competitors and where you think you're taking subscribers from?


We don't think this is by any means set up for a V recovery. I'm talking about the overall energy market.

we don't think this is by any means set up for a v recovery i'm talking about the overall energy market


I think, when rates first tick up, they think they're going to go back down. There seems to be some acceptance in that.

i think when rates first tick up they think they're going to go back down there seems to be some acceptance in that


the comments made during this conference call in the Risk Factors section of the accompanying presentations

the comments made during this conference call in the risk factors section of the accompanying presentations


highly productive and we look forward to continuing to work together with their excellent team.


and we are taking corrective actions and should get these numbers back to first quartile shortly.


we now forecast full year sales to decline low single digits for the reasons just cited.


in the later part of Q2. And finally, we finish with the Other Businesses,

in the latter part of q2 and finally we finish with the other businesses


let me level set first as far as where we're at, then I'll walk you through sort of how you can see the rest of the year. But

let me level set first as far as where we're at and i'll walk you through sort of how you can see the rest of the year but


With a continuing resolution, the only way that you're able to start a new program is under an urgent operational need,

with a continuing resolution the only way that you're able to start a new program is under an urgent operational need


but with continued volatility which will keep investor flows muted and transactional activity light.


and get those wells producing here. Most of that spend is going to be in the first part of the year.

and get those wells producing here most of that spend is going to be in the first part of the year


I think there there is a good chance to maintain a good rate of growth.

i think there there is a good chance to maintain a good rate of growth


with strong order books and innovations do contribute to margin increases,


but they don't sell it like to national campaigns for a campaign for 2 or 3 weeks.


they wake up in the morning and they have certain -- negative mix is a certain range of

they wake up in the morning and they have certain negative mixes a certain range of


I've mentioned earlier that we secured a significant order for battery plate cooling with an existing customer in Europe.

i mentioned earlier that we secured a significant order for battery plate cooling with an existing customer in europe


we feel we are in the position to work out at the same pace we are doing in the first 2 years.


What we're doing right now is making those changes without trying to go in and

what we're doing right now is making those changes without trying to go in and


not only to develop some new aroma chemicals, but to also emphasize the fragrance compound portion of the business

not only to develop some new aroma chemicals but to also emphasize the fragrance compound portion of the business


Steve will now provide you with additional details on the fourth quarter and full year financial results.

steve will now provide you with additional details on the fourth quarter and full year financial results